Identify the Objective of the Gramm-Leach-Bliley Act

question 62

Multiple Choice

Identify the objective of the Gramm-Leach-Bliley Act.

• A)To identify the U.S.taxpayers who hold financial assets in non-U.S.financial institutions and ensure that they agree to the U.S.tax obligations
• B)To protect cardholder data and ensure that merchant and service providers maintain strict information security standards
• C)To protect the privacy and security of individually identifiable financial information collected and processed by financial institutions
• D)To prevent certain classes of persons and entities from making payments to foreign government officials in an attempt to obtain or retain business

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Definitions:

Competitors

Companies or entities that are in the same industry and compete against each other for market share by offering similar products or services.

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded by consumers, typically downward sloping.

Long-Run Equilibrium

A state in economics where all factors of production are variable, leading to a situation where all firms in a competitive market make zero economic profit.

Marginal Revenue

The additional income received from selling one more unit of a product or service.